UK/North economy

[seafoid]

https://www.telegraph.co.uk/business/2026/04/14/britain-to-suffer-biggest-economic-shock-in-g7-from-energy/
Britain faces the biggest economic shock in the G7 this year, the International Monetary Fund (IMF) has warned.
In a triple blow for Rachel Reeves, the IMF cut its UK growth forecasts for this year and next, warned of the highest inflation in the G7 and predicted one of the smallest increases in living standards in the world

[johnnycool]

https://www.telegraph.co.uk/business/2026/04/14/britain-to-suffer-biggest-economic-shock-in-g7-from-energy/
Britain faces the biggest economic shock in the G7 this year, the International Monetary Fund (IMF) has warned.
In a triple blow for Rachel Reeves, the IMF cut its UK growth forecasts for this year and next, warned of the highest inflation in the G7 and predicted one of the smallest increases in living standards in the world

That's Thatchers privatisation for you.

Most of the UK's key infrastructure and resources were sold off, so the likes of the North Sea oil and gas is owned by private companies selling on the global market and that extortionate cost is passed onto the consumer. The UK has some of the highest energy costs in Europe.
Whereas the French in particular still have a lot of their electricity generation etc part owned by the government so can control the cost of energy much better.

[marty34]

Interest rates to go up again, if inflation goes up - which it no doubt will?

If rates go up a few times before the end of year, a recession could hit. 

[Tony Baloney]

https://www.telegraph.co.uk/business/2026/04/14/britain-to-suffer-biggest-economic-shock-in-g7-from-energy/
Britain faces the biggest economic shock in the G7 this year, the International Monetary Fund (IMF) has warned.
In a triple blow for Rachel Reeves, the IMF cut its UK growth forecasts for this year and next, warned of the highest inflation in the G7 and predicted one of the smallest increases in living standards in the world

That's Thatchers privatisation for you.

Most of the UK's key infrastructure and resources were sold off, so the likes of the North Sea oil and gas is owned by private companies selling on the global market and that extortionate cost is passed onto the consumer. The UK has some of the highest energy costs in Europe.
Whereas the French in particular still have a lot of their electricity generation etc part owned by the government so can control the cost of energy much better.

Yeah all the Brits have to do is look at the other side of the North Sea and how Norway have managed it and the sovereign wealth funds they've piled up.

[tiempo]

The UK and US elites are interested in one thing and one thing only, transfer of wealth and to hell with anyone born or finds themselves below

[playwiththewind1st]

Ah, the land of milk and honey, as promised by Thatcher.

Lower taxes, share owning democracy, unions neutered, blah, blah, blah.

The punters fell for it all, in successive general elections.

Result now - increasing taxes, a total decline in overall living standards, a third world level of decaying public services, the price of everything going up, so that the cartels can fleece their customers.

The English are as thick as champ, when it comes to political debate, believing every single yarn that Thatcher, Boris & Farage ever came off with. To some extent they deserve everything they got, post 1979.

[Hereiam]

You can be sure the City of London is making some serious money at the minute

[LC]

https://www.telegraph.co.uk/news/2026/04/04/labour-welfare-bill-income-tax-revenue/

In the last financial year, the Treasury raised £331bn in income tax. The state also spent £333bn on welfare.

I can only see this metric heading one way and that is the wrong way.

Yes there are genuinely sick / ill people but there are a serious amount of deadbeats milking the system from cradle to grave.

[Armagh18]

Would like to see how much of that is going to people who are in work but are on such shite pay that they need benefits to top up their income to actually live? Definitely plenty of tossers too lazy to work who should be cut off but would guess they're a minority. "Welfare" includes state pension as well?

[seafoid]

https://www.telegraph.co.uk/business/2026/04/14/britain-to-suffer-biggest-economic-shock-in-g7-from-energy/
As Labour faces growing criticism about its response to the fallout of the Iran war, the Fund said the UK's slowdown would be sharper than its industrialised peers "as the impact of higher energy prices linger". Surging energy bills are expected to hit households for at least two years.
Experts also warn that household gas and electricity costs are on course to rise by almost 20pc this summer, taking the average bill close to £2,000 in July.
Pierre-Olivier Gourinchas, the Fund's chief economist, blamed Britain's downgrade on its reliance on gas imports, a lack of storage as well as weak growth at the end of last year in the wake of the Chancellor's £30bn tax raid.


The IMF also warned of the growing risk of "substantial" food price increases as fertiliser shortages hit farmers before the crucial spring planting season.
Inflation is expected to peak at close to 4pc this year, driven by higher gas and electricity bills and rising food prices. This could force the Bank of England to keep interest rates on hold at 3.75pc for the rest of the year.
It warned that living standards would barely grow in the next year, with a rise of 0.3pc in output per person projected to be slower than almost all major economies except South Africa.
Britain's economy is now expected to grow by just 0.8pc this year, down from a previous projection of 1.3pc three months ago.
Growth in 2027 is expected to rise to 1.3pc. However, this is still down from a forecast of 1.5pc in January.

[seafoid]

https://www.telegraph.co.uk/business/2026/04/17/imf-uk-cannot-afford-energy-bailout/

Rachel Reeves cannot afford a big energy bailout to help households cope with soaring bills, the International Monetary Fund (IMF) has warned.

[naka]

Would like to see how much of that is going to people who are in work but are on such shite pay that they need benefits to top up their income to actually live? Definitely plenty of tossers too lazy to work who should be cut off but would guess they're a minority. "Welfare" includes state pension as well?

Think we all know welfare needs a serious looking at but labour hasn't the balls to look at it and cut it

[Tony Baloney]

Would like to see how much of that is going to people who are in work but are on such shite pay that they need benefits to top up their income to actually live? Definitely plenty of tossers too lazy to work who should be cut off but would guess they're a minority. "Welfare" includes state pension as well?

Think we all know welfare needs a serious looking at but labour hasn't the balls to look at it and cut it

They briefly grew a set of balls by saying they would tackle it and then removed the 2 child benefit cap. It's an amazing world where working people have to factor costs into deciding how many children they can afford but people lying in the house have no such concerns. The benefits system needs a massive overhaul, but like turning NHS around it seems like an impossible task.

[RadioGAAGAA]

They briefly grew a set of balls by saying they would tackle it and then removed the 2 child benefit cap. It's an amazing world where working people have to factor costs into deciding how many children they can afford but people lying in the house have no such concerns. The benefits system needs a massive overhaul, but like turning NHS around it seems like an impossible task.

I get it, I really do. But the problem is, its ultimately the kids that suffer, not the (shite) parents.

Not sure what the alternative is. Like going down the line of "if a household has 4 or more kids, never worked and has no income streams outside benefits, then both members of that household should be rendered infertile to stop them having more kids" seems a touch draconian. It stops the kids being the ones suffering and at least stops the problem getting worse - but as said - more than a bit severe!!

Yet what other options are there that don't end up with the kids unduly punished?

But something will have to be done at some point - as actual working families get smaller and the "not-working" families seem to not* - the tax burden will become unsustainable at some point.

*may not be true, could be perception.

[Milltown Row2]

A family of three kids, both parents have to earn between them (working) 71,000 a year to match that of the equivalent on benefits..

The games gone, where's the incentives? Workers are actually punished and get nothing 'extra' no priority on doctor appointments, no subsidised public transport, no cheaper rate on other public services that their tax money is providing..

While those who milk the system get free housing benefits cars and can stay in bed till noon!

Well ten more years for me I hope, might drop to a three day week before that though lol